Nigeria’s economy grows 3.13% in Q1 2025 following GDP rebasing
National Bureau of Statistics NBS
Abdullateef Fowewe
Nigeria’s economy grew by 3.13% year-on-year in the first quarter of 2025, according to new data from the National Bureau of Statistics (NBS), following a recent rebasing of the country’s gross domestic product (GDP).
The updated GDP now stands at ₦372.82 trillion (approximately $243.7 billion), Statistician-General Adeyemi Adeniran announced during a press briefing in Abuja.
Adeniran noted that the services sector was the main driver of growth in the first quarter, expanding by 4.33% and contributing 57.15% to the total GDP.
Crude oil production averaged 1.6 million barrels per day during the quarter, a slight increase from 1.57 million bpd in Q1 2024.
He explained that the GDP rebasing exercise updated the base year from 2010 to 2019 and incorporated methodological enhancements to better capture Nigeria’s evolving economy.
Industries—such as marine transport, fishing, arts and culture, tourism, and e-commerce—have been included to reflect their growing significance since the last rebasing in 2014.
